What is the difference between the poverty line and the poverty rate?
What will be an ideal response?
The poverty line is the level of annual income equal to three times the amount necessary to purchase the minimal quantity of food required for adequate nutrition. The poverty rate is the percentage of the population that fall below the poverty line.
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Using the production function Real GDP = T (L, K), define the term production function and describe what each of the variables (T, L, and K) represents. When graphed with Real GDP on the vertical axis and labor on the horizontal axis, which variable(s) can shift the production function and which variable(s) can cause a movement along the production function?
To eliminate an inflationary gap, the expenditure schedule should
A. shift upward. B. shift downward. C. become flatter. D. become steeper.
Which of the following teams is not in its original franchise?
A. The Green Bay Packers (football) B. The Arizona Cardinals (football) C. The Pittsburgh Steelers (football) D. The Kansas City Royals (baseball)
If enforcement is aimed at buyers of an illegal good, the result will be
A) an increase in the short-run supply of the good. B) a decrease in the short-run supply of the good. C) a decrease in demand for the good. D) an increase in the price of the good.